Global Floating Solar Panels Market Report, published by Fior Markets forecast that the global market is expected to reach $1,186 million by 2024 from $22 million in 2016; growing at a CAGR of 64.7% from 2016 to 2024. Floating solar panels are photovoltaic panels that are capable of floating on water bodies. These panels can be installed in any water bodies including lake, reservoir, river, and others and are capable of increasing the amount of generation along with the cooling effect of water.

Increasing investments on new projects to drive the growth of floating solar panels market

Some of the key factors driving the growth of the market includes limited availability of land, rising demand for clean energy resources, growing investments on solar panel projects, and decreasing cost of panel. Though, high preliminary cost of installation could pose challenge for the market growth. Furthermore, increasing R&D, and expansion to potential markets would provide future scope over the forecast period.

Product type, location, and geography are the categories included in the global floating solar panels market. By product type, the segment is segmented as solar-tracking floating solar panels, and stationary floating solar panels. Location is further bifurcated as on-shore floating solar panels, and off-shore floating solar panels.

Stationary floating solar panel held the largest market share in the product type segment

Stationary floating solar panel accounted for the largest market share in 2016, and is expected to continue its dominance during the forecast period 2016-2024, owing to the reduced installation costs and maintenance costs.

On-shore floating solar panels dominated the type of location segment

On-shore floating solar panels dominated the type of location segment driven by subsidy and grant programs for development and implementation of solar plants, increasing costs of land, and need for large scale renewable energy utilities.

Asia-Pacific accounted the highest market share in 2016

Asia-Pacific held the largest market share of 82.4% in 2016, due to the widespread R&D and increase in investments on mega projects, and limited space to install ground mounted panels. Rest of the World (RoW) is expected to attain the fastest CAGR of 102.6% during the forecast period 2016-2024, driven by excessive demand for energy production, high potential for solar energy R&D, and growing concern over high carbon emission.

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